Estimated tax tip savings. Choosing the right strategy for your medical and health care insurance deductions could increase your tax savings by $5,000 to $15,000.
Do you file your tax return as a proprietorship? If so, you could run into sneaky and unfair limits on your self-employed health insurance deduction. And you’d likely run into those hidden restrictions at the worst possible moment—when you file your taxes (and thus too late to fix the problem).
You don’t want to find yourself in this situation at the end of the year. So protect yourself. Read this article and see if those unfair restrictions apply to your self-employed health insurance deduction.
The good news is that as a self-employed business owner, you have options—there is more than one way to deduct your health costs. In fact, we will give you an alternative to the self-employed health insurance deduction that could increase your tax deductions from zero to tens of thousands of dollars.
In other words, with a little advance preparation, you could easily avoid the destruction of your health insurance deductions and make them more valuable than they would have been as a full deduction on page 1 of your Form 1040. In addition, your advance preparation can add deductions for all of your other medical costs. This could mean an extra $5,000, $10,000, or $15,000 in your pocket at the end of this year and every year you are in business, depending on ... Log in to view full article.